Egetæpper A/S
egetæpper a/s acquires the majority of Hammer Tæpper A/S

Egetæpper A/S 

14.05.2014 06:44

Dissemination of a Adhoc News, transmitted by DGAP - a company of EQS Group
AG.
The issuer is solely responsible for the content of this announcement.

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egetæpper a/s acquires 51% of the shares in Hammer Tæpper A/S as of 1st October
2014. The company is owned by second generation, Tom Møller Jørgensen, who will
continue as director and minority shareholder of the company. 

Hammer Tæpper A/S, originally founded in 1948, develops, manufactures and sells
textile floorings in both wool and synthetic yarns for both the consumer and
contract markets. 

On the contract market the primary segments are 4 to 5-star hotels as well as
the cruise line industry. Tom Møller Jørgensen wishes to start a generational
handover and the acquisition is to be seen as part of this which will also
contribute to strengthening egetæpper's position in the aforementioned
segments. 

Hammer Tæpper A/S continues as an independent company with focus on the
products, markets and clients which have been the company's business foundation
thoughout the years. 

In the financial year 2012/13 Hammer Tæpper A/S showed a result of 9.2 DKK
million before taxation, capital and reserves of 76.2 DKK million and an equity
ratio of 77%. 

egetæpper a/s acquires 51% of the shares at book value, plus a goodwill amount
of 20 DKK million for the acquired shares. The price for the shares, which is
expected to amount to approx 50 DKK million, will be paid in cash. The
remaining 49% of the company's shares will be acquired by egetæpper a/s at book
value no later than 1st October 2021. 

For 2014/15 (1st October 2014 - 30th April 2015 - 7 months in total) Hammer
Tæpper  A/S expects a surplus of 7 DKK million before taxation. After
adjustment of minority interests the group result is expected to be affected
positively by 5 DKK million before taxation. Expectations to the total group
result before taxation for 2014/15 will be published in our annual report
notification on 26th June 2014. At present there are 55 employees at Hammer
Tæpper A/S. 

Questions in connection with this notification may be directed to the directors
John Vestergaard or Svend Aage Færch Nielsen. 



Yours faithfully,

egetæpper a/s



Ebbe M. Iversen
Chairman
News Source: NASDAQ OMX



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Language:     English
Company:      Egetæpper A/S
              
               
              Denmark
Phone:        
Fax:          
E-mail:       
Internet:     
ISIN:         DK0010259290
WKN:          
 
End of Announcement                             DGAP News-Service
 
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